Holland has had multiple years to make his mark and his work is bad. Some nice signings like Hyman here and there. But the defense he has "build" is a trainwreck.
Right side
On July 28 2021 Holland made a decision that right side formed by Cody Ceci, Tyson Barrie and Evan Bouchard should be good enough to contend for SC for the next 3 years, barring a trade. On that day he signed both Ceci and Barrie. Neither of those contracts are essentially bad, but that group contains a PP specialist that needs 5on5 sheltering, a veteran guy that has never been close playing succesfully top pairing minutes and pretty much a rookie. Three guys that all should be playing max 2nd pairing minutes.
Left side
August 6 2021 he made a massive mistake and signed Darnell Nurse to a 8 x 9.25mil deal. Holland could have waited if Nurse's contract year with way too high sh% was anomaly, but decided not to. Now Darnell Nurse rocks a higher AAV than Cale Makar. I liked Kulak extension, but team should have more competition on top4 role. Ideally Kulak should be playing 3rd pairing minutes and pinch to top4 when needed. Broberg has been fine lately, but his play has been underwhelming if you look a longer sample size. Niemeläinen and Murray are just guys who can somewhat fill in a 3rd pairing role.
Overall there are too many guys too high on the depth chart. Not a single game-breaking talent on the back-end. And how many guys are actually good players in every zone? None is probably the correct answer... Oilers have missed true top pairing for as long as I can remember. Can Nurse be part of good 1st pairing? Potentially if there is really good and steady partner for him. If Nurse is considered the best player in the pairing it most likely won't. If you compare it to what contenders are icing.
Campbell signing is really the icing on the cake. One year of experience playing as a starter. And it wasn't steady season to begin with. And this isn't being smart-ass now that he has been awful, I pointed out these facts when this signing was made, when some of the posters were claiming that we got the best FA goalie.
Team with Connor McDavid and Leon Draisaitl having pretty much historically good powerplay, that has gotten above average goaltending from Stuart Skinner is in serious danger of missing playoffs. That is the sort of team Ken Holland has gotten together. So why would you trust that he can fix this and actually build a contender?